/ 
Sarasin acquires BMO Hong Kong, Singapore private banking units
Swiss group sees bank’s client base and relationship managers a perfect fit
3 May 2021 | The Asset

Wealth manager J. Safra Sarasin has completed the acquisition of Bank of Montreal’s (BMO) private banking business in Hong Kong and Singapore, reinforcing the group’s presence in the two Asian financial centres. No financial terms were mentioned for the deal, which was announced in January.

According to the Swiss group, BMO’s attractive and well-diversified client base as well as its experienced relationship management teams fit perfectly well with its private banking business and its comprehensive offering in investments, trading, credit and wealth planning.

“We are proud to keep on growing in Asia and are delighted to welcome to our group the clients of Bank of Montreal and their relationship managers in Hong Kong and Singapore,” group chairman Jacob J. Safra says in a statement.

“We look forward to helping manage their wealth in this dynamic region. This acquisition marks another step in the implementation of the group’s international growth strategy and will allow the group to further enhance its successful presence in Asia.”